Financial Performance - For the year ended December 31, 2019, the company's revenue was THB 538,113,000, a decrease of 30.3% compared to THB 772,133,000 in 2018[12] - The gross profit for 2019 was THB 153,516,000, with a gross margin of 28.5%, down from 32.9% in 2018[12] - The company reported a loss before tax of THB 26,295,000 in 2019, compared to a profit of THB 147,580,000 in 2018[12] - For the fiscal year ended December 31, 2019, revenue decreased by 30% or 234.0 million THB to 538.1 million THB compared to the previous year, primarily due to the completion of the BAAC debit card project which contributed 252.7 million THB in 2018[42] - Gross profit for the same period fell by 40% or 100.3 million THB to 153.5 million THB, with a gross margin of 29%, down from 33% in the previous year[43] - The company recorded a net loss of 37.3 million THB for the year ended December 31, 2019, compared to a profit of 113.5 million THB in the previous year[49] - The operating cash flow for 2019 was a net outflow of 33.18 million THB, a significant decline from a net inflow of 5.89 million THB in 2018[50] Assets and Liabilities - The total assets as of December 31, 2019, were THB 1,006,340,000, while total liabilities were THB 512,133,000, resulting in equity attributable to shareholders of THB 494,207,000[13] - As of December 31, 2019, the company's cash and cash equivalents increased to 266.9 million THB from 17.4 million THB in 2018[49] - The company's total liabilities decreased from 304.6% to 23.5% in the asset-liability ratio from December 31, 2018, to December 31, 2019[50] - Current assets rose to 448.3 million THB as of December 31, 2019, compared to 69.1 million THB in the previous year, primarily due to improved cash position post-IPO[51] - The company's current liabilities decreased from 513.3 million THB to 434.5 million THB, mainly due to a reduction in bank and other borrowings[55] - The company had a significant increase in trade receivables, rising from 41.2 million THB in 2018 to 191.7 million THB in 2019, attributed to billing delays[54] Projects and Initiatives - The company successfully listed on the Hong Kong Stock Exchange on July 16, 2019, raising a total of HKD 125 million, which will support new project launches[28] - The company initiated a significant project with BAAC, converting 1.5 million magnetic stripe cards to new chip cards or debit cards in 2019[24] - The company secured a project valued at THB 1.2 billion (approximately HKD 300 million) and THB 195 million (approximately HKD 48.1 million) with Client F in 2019[26] - The company completed its first unmanned project with the Provincial Electricity Authority (PEA) in 2019, enhancing its relationship with PEA[25] - The company anticipates starting a significant five-year project with customer F, one of Thailand's largest banks, focusing on rural operations, which will involve installing ATMs and providing support services[38] - The company is set to begin a new seven-year phase with long-term partner BAAC, upgrading its ATM/CDM network and developing new products and services[35] Economic Environment - The Thai GDP growth for 2019 was estimated at 2.4%, down from 4.1% in 2018, impacting the business environment for the company[22] - The company expects favorable conditions for new government projects following the election of Prime Minister Prayut Chan-o-cha in June 2019[22] - The impact of COVID-19 on the company's financial and operational performance is being closely monitored, with no direct negative effects reported so far[39] - The company remains confident that the COVID-19 outbreak will not affect its long-term growth plans[41] Corporate Governance - The company has maintained high standards of corporate governance to enhance performance and protect shareholder interests[90] - The board consists of two executive directors and three independent non-executive directors, ensuring a balance of skills and experience[100] - The company has complied with all applicable corporate governance code provisions since its listing date, except for the separation of the roles of chairman and CEO[92] - The board believes that the current structure of having the same individual serve as both chairman and CEO is beneficial for business prospects and operational efficiency[107] - The company has established a written guideline for employees regarding insider information to ensure compliance with trading standards[94] - The board will continue to review the effectiveness of the corporate governance structure and assess the need for separation of the chairman and CEO roles[107] - The company has a commitment to transparency and accountability in its business strategies and policies[91] - All directors are subject to re-election at least every three years at the company's annual general meeting[109] Board and Management - The company has a diverse board with members having extensive backgrounds in finance, engineering, and IT consulting[67][70][72] - The management team is focused on strategic planning, financial management, and business development[69] - The company encourages continuous professional development for all directors, providing training and relevant reading materials[148] - The board is collectively responsible for guiding and supervising the company's affairs, including strategy formulation and performance monitoring[115] - Independent non-executive directors ensure compliance with high standards in regulatory reporting[116] Audit and Risk Management - The Audit Committee, composed of three independent non-executive directors, held two meetings to review financial performance and compliance[155] - The Audit Committee is responsible for reviewing and supervising the financial reporting process and risk management systems[154] - The company has a robust internal control and risk management system in place[121] - The company conducted a formal risk assessment to identify and evaluate enterprise risks, including environmental, social, and governance risks[169] - Internal audit functions have been established to assess the effectiveness of risk management and internal control systems, with no significant deficiencies identified[170] Compensation and Shareholder Relations - The company disclosed senior management compensation details, with salaries ranging from 1.1 million to 2.9 million Thai Baht[161] - The board confirmed that the financial records are properly maintained and the financial statements fairly reflect the group's operations and finances[175] - The independent auditor's fees for the year ended December 31, 2019, totaled 2,950 thousand, with 2,750 thousand for audit services and 200 thousand for non-audit services[186] - The board does not recommend the payment of dividends for the year ended December 31, 2019, compared to zero in 2018[185] - The company will annually assess its risk management and internal control systems[176] - The company has adopted a dividend policy that allows for the declaration of dividends at the discretion of the board, considering various financial factors[180] - The board is committed to effective communication with shareholders to enhance investor relations[196] - The company has established a shareholder communication policy to ensure concerns are addressed appropriately[198]
PLATT NERA(01949) - 2019 - 年度财报